What is the Revenue Generated at Vietnamese Agencies Abroad Used For?

Vietnamese agencies abroad manage the collection, submission, and use of revenue sources in accordance with the current regulations of the Ministry of Finance guiding the policies on the collection, submission, management, and use of consular fees and charges applicable to diplomatic representative agencies, consular representative agencies, and other agencies abroad.

Illustrative image (source: internet)

To be specific, in Clause 2, Article 2 of Circular 146/2013/TT-BTC, it is stipulated that other revenue arising at Vietnamese agencies abroad shall be managed, collected, and used as follows:

- For VAT refund revenue: Vietnamese agencies abroad are entitled to use 100% to reimburse the agency's expenses, accounting for a reduction in the corresponding expense items.- For interest income on bank deposits; income from organizations or individuals compensating when the agency's property is damaged: 100% is to be submitted to the State Budget Temporary Holding Fund at Vietnamese agencies abroad.- For service revenue from guest house operations, lodging, temporary house rentals to organizations or individuals: The collected amount, after subtracting the incurred costs directly serving the revenue-generating activities, if there is a surplus, is fully submitted to the State Budget Temporary Holding Fund at Vietnamese agencies abroad.- For sponsorships for activities and events of Vietnamese agencies abroad by organizations and individuals: After executing expenditures according to sponsorship commitments (if any) or sponsored activities/events, the remaining funds (if any) are submitted to the State Budget Temporary Holding Fund at Vietnamese agencies abroad.

View the full regulation in Circular 146/2013/TT-BTC, effective from December 10, 2013.

Thu Ba

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